"Hybrid Monetary Policy".. Al-Sudani's Advisor Reveals the Central Bank's New Step

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Saleh told: "It is clear that the monetary policy of the Central Bank of Iraq has become a policy that meets the requirements of growth in real economic activity, through activating its operational objectives aimed at reducing the cost of credit and financing within the joints of the economic system in general and the banking system in particular. " He explained, "The Central Bank began, through its decision issued in accordance with its circular on October 24, to reduce the monetary policy interest rate (which is the rate at which the Central Bank of Iraq deals with the banking system) by about 200 percentage points, by lowering the interest at which the Central Bank deals with banks from 7.5% to 5.5%, which means that the Central Bank of Iraq has become following an expansionary policy in targeting the money supply in a manner that is consistent with activating the real sector in the national economy and confronting unemployment indicators in the overall economy."

Why is the US dollar exchange rate fluctuating in Iraq? ⁠

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Once again, the fluctuation in the US dollar exchange rate has returned to the forefront, and this time it is due to speculators and merchants of crises and wars, exploiting the war currently being waged by the Zionist entity against our Arab people in Palestine and Lebanon and the confusing security situation resulting from that. The current level is above 1,500 dinars on the black market, and the continuation of this problem from time to time can be attributed to several reasons, including before 2023 the lack of control over the organization of foreign trade financing and the lack of a clear trade policy, the entanglement of policies and the lack of an annual import program for the private sector in terms of quantities and amounts, but imports are open and without controls on external transfers.

Removing zeros and revaluing the Iraqi dinar

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The concepts and scientific names in economics differ according to the specialization and the branches derived from it. When talking about the exact specialization, economic variables must be named by their scientific names. One of these names is the term redenomination, or as it is called (removing zeros from the currency). Countries usually resort to it to address rampant inflation and the decline in the value of the local currency, as the old currency is replaced with a new currency at a fixed price by removing at least 3 zeros from the old currency.

Currency revaluation becomes necessary when it comes to hyperinflation because it takes a very large number of old banknotes to facilitate trade, especially in local markets, and small banknotes become useless, as an individual needs millions of banknotes to buy simple or necessary household or food needs, an example of this is what happened in 2006 when Zimbabwe renamed its currency at a rate of (1000 old Zimbabwe dollars) for a new Zimbabwe dollar.

Trade Bank of Iraq opens new branch in Baghdad

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In line with its strategic plan for expansion and increased presence, the Trade Bank of Iraq (TBI) has opened its new branch in the capital Baghdad, Karkh side, Mansour area, which increases the number of its branches spread throughout the capital Baghdad and all governorates to 25 branches. This branch will provide various services to its customers from individuals, government institutions, local private sector companies, and foreign companies operating in Iraq. The official spokesman for the bank, Ahmed Saad Al-Khazraji, said, “The management of the Trade Bank of Iraq, represented by Mr. Bilal Sabah Hussein, the bank’s chairman and chairman of the board of directors, is working to implement all the directives of the honorable Prime Minister, Mr. Mohammed Shia Al-Sudani, in developing all banking services provided to customers and increasing the number of the bank’s branches in general, in order to provide service and facilitate banking procedures and all requirements that meet the needs of the public.”

Millions of Iraqis' pockets replace heavy cash with light cards

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18 million electronic cards! Yes, this number represents the number of cards that have been issued and are used by Iraqis everywhere. Electronic payment has become a basic requirement of life these days, and we want to see advanced campaigns such as #Asraflak to spread awareness about this trend. How are you with electronic payment? Are you ready to use it?

Government advisor explains reasons for high exchange rate in Iraq

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The Prime Minister's Advisor for Economic Affairs, Mazhar Muhammad Salih, revealed today, Saturday, the reasons for the rise in the price of the dollar in local markets. Saleh said in an interview with "Mil" that "the secondary exchange market in Iraq witnessed price deviations that exceeded the official exchange rate by about 17%," attributing this to "the influence of this market on the geopolitical information prevailing in the region ." He added, "The parallel market thrives on colored information to generate a trend in which foreign currency exchange rates outperform the official exchange rate, which is an attempt undertaken by speculators to achieve limited profits resulting from exchange rate differences, especially the cash dollar market ."

Most Iraqi private banks closed, fears of liquidity crisis amid citizens’ anger

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The Ministry of Finance and Economy of the Kurdistan Regional Government announced on Sunday that the salaries of some Sulaymaniyah employees have been deposited into their bank accounts. A statement by the ministry explained that many employees received text messages stating that their salaries had become available, enabling them to withdraw them from ATMs. The statement stressed the importance of this step in facilitating the disbursement of salaries, especially in light of the "financial challenges facing the region." This comes after a period of delay in the disbursement of salaries, which had raised concerns among employees.

Iraq launches financial transfers in euros

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The Central Bank of Iraq launched its financial transfers to Turkey in the euro currency. This was announced during the reception of the Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, the Ambassador of the Republic of Turkey to Iraq, Anil Bora Inan, with a delegation of representatives of Turkish banks operating in Iraq, according to a statement by the Central Bank of Iraq. The statement indicated that the meeting coincides with the launch of financial transfers to Turkey, according to a new mechanism carried out in the euro currency and implemented within Turkey through its banks. This mechanism, which is being applied for the first time, will simplify trade coverage operations with high fluidity and speed. The attendees discussed ways to provide the requirements of the new mechanism; in order to make it a success and accommodate the large number of transfers from merchants and the business sector.

The expected path of the Iraqi economy

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In order to build our expectations about the path of the Iraqi economy, we must read and analyze the indicators to complete the picture of the future of the Iraqi economy.

The broad and long-term package of decisions and measures that the government has taken and is still taking in the context of the path of economic reform attempts are the indicators that we rely on in reading and forecasting the future.

Al-Sudani returns to Baghdad after concluding his participation in the UN meeting

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Prime Minister Mohammed Shia Al-Sudani arrived in the capital, Baghdad, after concluding his participation in the 79th session of the United Nations General Assembly in New York.

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Transcript at https://rss.com/podcasts/myfxbuddies/

He delivered the speech of Iraq, and held a series of meetings, dialogue sessions, and press interviews.